Afternoon Update (4-21-11)

I was so excited about the markets today that I decided to jump the gun and update you early! Did the dollar move down as predicted by our MarketClub trend lines? Did gold meet our target level of 1,500? You will have to tune in for the answers, folks. What I can tell you, is that the S&P is seeing some major resistance with its potential "reverse head and shoulders" trend lines.

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Every success,

9 thoughts on “Afternoon Update (4-21-11)

  1. eye balls on QQQ, which pushed the market out of a swamp. Together with weak dollar, a big benefit for QQQ.

    some say industrial also a leader, consider everyone except US is tightening, and QE2 is coming an end.
    industrial might see a big correction no later than 2nd half of May.

    eventually only one thing matters - supply and demand. regarding dismal science, it is just Joe and Jane's feeling about it.
    QE2 has kicking a lot of hot money into the buy spree. (hot money mostly buys growth stocks, I fancy)

  2. All major indices are above short term, intermediate and long term moving averages, top growth stocks are ramping higher to new high ground. The benefit of the doubt should be given to the bulls. There is no need to think what is next, just react.

  3. H-S or Reverse H-S is a reversal pattern. So, not really applicable here at market's high.
    However, I could still buy into this as a cup-handle kind of pattern as breakout of resistance above 1350, target 1450 and stop-loss at 1290. I'd buy SSO or UPRO or as a defined risk trade buy SPY June 135 calls if the market breaks out above 1350 next week.
    And, below 1290, I'm all short, of course!
    Right now, hedged with SDS, IWM puts and PSQ against a long portfolio 😉

  4. Don't get email notice of these until after close. Not very timely receipt for trading guidance. Can you improve to deliver earlier, please?
    Peter Noonan

  5. hi I just like to share what i think, and if you think i am wrong please let me know...
    I think the Crude oil in the next 2 weeks will rich 119.5
    gold go over 1530 and
    eur/usd will rich 1.485 level

    so what you think???? please let me know

    The Chef

  6. Thank you for spotting that inverse Head & Shoulder pattern on the SPX.
    On the flip side, if that H&S pattern fails at the triple top, then there could be a strong move down.

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